Naira Records 7 Straight Days of Appreciation Against US Dollar, Secures New Exchange Rate
- The naira continued its appreciation against the United States dollar to close the week on a strong note
- The performance of the naira comes as the dollar crashes to its lowest level in four years during the week
- US President Donald Trump's tariff announcements have sent the dollar tumbling against foreign currencies
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira appreciated against the US dollar in the last trading week at the official market, extending its strong performance in 2026.
Analysts say the gains reflect steadier liquidity and reduced volatility in the market, although they caution that sustaining the naira’s recovery will depend on continued foreign currency inflows.
Source: Getty Images
New naira to dollar exchange rate
Data obtained from the Central Bank of Nigeria (CBN) showed that the naira strengthened to ₦1,417.95 per dollar on January 16, 2026, up from ₦1,421.46/$ at the start of the week on January 12. The movement represents a gain of ₦3.51, or about 0.25%, over five trading sessions.
The improvement was driven by increased dollar supply, which kept trading within a narrow range. Inflows from exporters, importers, and non-bank corporates boosted liquidity, even though the CBN made no visible intervention.
Weekly Performance
- January 12 – ₦1,425/$
- January 13 – ₦1,420.25/$
- January 14 – ₦1,419.50/$
- January 15 – ₦1,420/$
- January 16 – ₦1,417.95/$
Financial market analyst Chukmeke Alozie told Legit.ng that the coming could be different.
Alozie said:
"The Nigerian naira could come under pressure following the announcement of Kevin Warsh, President Trump’s nominee for Federal Reserve chair.
"Naira may give up some of its recent gains in the upcoming trading week that is what is expected."
Source: Getty Images
Black Market movement
The naira recorded a similar performance in the black market, appreciating against US dollar.
Abdullahi, a Bureau De Change (BDC) operator, said:
“At the close on January 27, I sold dollars at around ₦1,487, pounds at ₦2,025, and euros at ₦1,755, but by January 29 the rates had eased to about ₦1,470 for dollars, ₦2,015 for pounds, and ₦1,745 for euros, giving customers better deals on large transactions.”
Here is the closing exchange rates in the official market
- CFA: ₦2.55
- Yuan / Renminbi: ₦199.49
- Danish Krona: ₦221.23
- Euro: ₦1,652.22
- Yen: ₦8.99
- Riyal: ₦369.66
- South African Rand: ₦86.82
- Swiss Franc: ₦1,804.00
- Pounds Sterling: ₦1,906.23
- U.S. Dollar: ₦1,386.55
CBN reforms under Cardoso
Earlier, Legit.ng reported that several changes have been intrduced under the leadership of Yemi Cardso.
These reforms, including the introduction of the Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS), have improved transparency and reduced arbitrage.
The FX Code enforces ethical conduct and governance among dealers, while EFEMS provides real-time market data to curb speculative activities.
Source: Legit.ng
